Using the PSU lands also means those large land areas which were underperforming or with the sick PSUs will be put to new use. The government has given due consideration to the land use policy and has tweaked it in favour of affordable housing. If anything, it indicates the government's priority housing availability for people. Currently, under the "Housing for All by 2020 Mission" targets nearly 12 million homes in the urban areas.

A quick calculation of the decision indicates that with land from just eight PSUs could help build more than one lakh homes, each of around 800 sq ft. If the new model goes according to plan, it will ensure that tracts of land in eight cities including Gurgaon will be able to build affordable homes for the lower sections of the society. The other cities under the project include Ranchi, Pune, Hyderabad, and Nainital. The state-run National Buildings Construction Corporation (NBCC) has been appointed as the leading management agency for land from the ailing PSUs. In addition, NBCC will also be responsible for the selling of the land, managing the proceedings, and implementing the VRS for these enterprises. This public-private partnership model will ensure relative high movement for affordable housing. India currently needs at least 1.2 crore homes, mainly within the economically-weaker sections and lower income groups.

Of the twenty-four PSUs which have been identified as underperforming, eight have been cleared for the new project. Together, these eight PSUs constitute a land holding of 2,500 acres. These include the Indian Drugs and Pharmaceuticals located in Gurgaon, Hindustan Antibiotics, Pune, Ranchi's Heavy Engineering Corporation, HMT Bearings, Hyderabad, and Nainital's HMT Watches. Homebuyers aspiring for homes within Delhi NCR can now look forward to affordable homes in Gurugram and in these cities. The decision to use these earlier PSU lands has been taken under multilevel consultations with promoter bodies, states, and other important stakeholders.

The tweaked model will also address the paucity of land within the country. For instance, in some states where affordable housing scheme had been launched, the lack of available lands has halted the Housing for All Mission. But the new model appears to be free of older flaws and can take on the goal set by the central government under the Pradhan Mantri Awas Yojana in 2015. According to the PMAY-U, the gap existing between the demand for homes and their supply is particularly high and needs to be mended by the government. At the moment, 30.76 lakh houses have been sanctioned of which 4.13 lakh homes have been finished. There are around 15.65 lakh houses under construction. In the next financial year, the central government plans to have as many as 26 lakh houses in the urban regions.

The affordable housing projects came up as an ambitious plan not just for the government but also for aspiring homebuyers. Under the PMAY-U, income groups with up to INR 18 lakh as their annual income can avail subsidies on their housing loans (up to INR 12 lakh) for the EWS that subsidy rate becomes 6.5% from 4% on loans up to 6 lakh. With the economy slowly coming back to stability and the regulations launched for the real estate sector, the affordable housing scheme continues to give the hope for millions of Indians. The new working model aims to quicken the process by ensuring that state governments would help affordable housing projects on these lands by fast-track approvals, single window clearances, and reductions and waivers, wherever necessary and possible.

I'm a real estate writer at Signature Global. My passion is helping people to provide all aspects of real estate marketing flows through in the expert industry coverage. In addition, I also work as an SEO Analyst at Signature Global helping businesses with search and content marketing. Affordable Housing Projects in Gurgaon - Signature Global

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